Corr Recruitment secures 1.5m funding from Secure Trust Bank
The Newbury-headquartered business typically provides 500 temporary workers daily to companies including The Co-operative, XPO Logistics and Adelie, the UK’s second largest sandwich producer.
Over the last three years, the business has boosted its turnover by 57 per cent, rising from £3.5m to £5.5m. The firm is now set to reach turnover of £11m by the end of 2016, with a target of £8.9m set for the end of this year. With offices in Andover, Uxbridge and Hemel Hempstead, the firm is also aiming to open two branches per year for the next five years, to reach a total of 14 by 2020. The expansion is already underway, following the opening of a new branch in Swindon on September 28th.
Corr, which has recently acquired its Gangmasters Licensing Authority (GLA) license, currently operates in the consumer industry, and is now looking to break into the fresh produce sector, particularly focusing on the agriculture and shellfish markets. This is set to directly benefit local businesses, particularly in Andover, where there is significant demand within the agriculture sector.
The £1.5m invoice finance facility provided by Secure Trust Bank Commercial Finance will be used to support the firm’s expansion plans, as well as freeing up vital cash flow that will enable the company to finance other areas of the business.
Daniel Corr, director at Corr Recruitment, said: “At a time when the fresh produce markets are experiencing strong year-on-year growth, it is the perfect time for our business to break in to this industry. The funding will keep us on track to reach our turnover and expansion targets, with our new sites broadening our geographical reach, enabling us to place more skilled workers in local businesses across the country.
“The team at Secure Trust was brilliant throughout the whole process. We had developed a strong relationship with our previous lender meaning it was a big decision to make the transition, but Secure Trust offered us terms which suited our growth strategy, making the process as smooth as possible.”
Mike Piggott, relationship director at Secure Trust Bank Commercial Finance, added: “Logistics is an industry constantly on the move, and requires a great deal of flexibility to allow it to cope with shifting and fluctuating demand. Corr is therefore benefiting from an extremely strong market, with its provision of temporary workers allowing the industry to tackle the challenges it faces.
“Corr itself is expanding at a rapid pace, so needed a financial solution that would allow them to manage this growth effectively. The team has a clear and sustainable plan for the future and the facility we have provided will help them see this through.”